Multi-Currency Customer and Bank Accounts in QuickBooks Online - My Cloud Bookkeeping

[@BrentonLawther]

Thank you for making this video. If I understand correctly all of the values my bank accounts in QBO should be in Canadian(my base currency) even if it is a USD bank account. So when I use the online bank synchronization, I should be going in and applying a conversion rate to each transaction since the values in the actual bank account are in USD and the desired values in QBO are Canadian?

[@MyCloudBookkeeping]

No! The bank account should be set up in the actual currency that the funds are in. Each transaction will be converted to the home currency as they are recorded. When you look at your balance sheet the amounts will be displayed in a Canadian equivalent - the actual accounts/categories should be in the currency they are in in the bank. I hope that makes sense!

[@kythefrenchangorarabbit2267]

Another great step by step video! You do make it look easy to follow! Very well presented and very informative!

[@MyCloudBookkeeping]

Thank you - do let me know if there is anything in particular I can help you with - my next video could be for you :)

[@chithsuyee9517]

Hi Could you please explain me how to make account receivable with multiple currency in chart of account? Thanks

[@MyCloudBookkeeping]

Hi Chit, when you create a customer in a foreign currency the Accounts Receivable category/account will be created by QuickBooks Online. It may not happen until you enter an invoice for that customer. It is not something you have to set up yourself. It will be done automatically. Hope that helps!

[@KittyGaming_89]

Hi there, very easy to understand approach. I have a question though. Suppose we have 2 foreign currencies in addition to local one. How will you analyse transaction / match invoices from banking tab? How transfer from one foreign currency account be matched to transfer in other foreign currency account. Then I saw a case where purchase invoice was in Swedish krona and payment was made in euro

[@MyCloudBookkeeping]

Hi Mehran, the matching does not always work well for foreign currency transactions. Personally I find that a one for one transaction automatically matches, a combination of transactions doesn't seem to do so. When I have a deposit from Stripe that includes multiple transactions I check them against the register, and if they are all entered, exclude the bank feed transaction. Not super helpful I know! Reach out with any other questions!

[@KittyGaming_89]

@@MyCloudBookkeeping thanks a lot for reply.

[@MyCloudBookkeeping]

@@KittyGaming_89 My pleasure! Hope that helps :)

[@deborahclarke5257]

Thank you - your videos are very easy to follow. My question is around USD and CDN currency. I'm in Canada (so foundation currency is CDN, but most of my business is in USD). Should I ever be trying to transfer USD to USD between eCommerce Store to PayPal to USD account in USA to USD account in Canada ... or do I let QBO do the automatic transfers to Canadian funds at each step along the way? Do I ever have to worry about reconciling with all these conversions? Just starting and want to get everything set up properly. Thank you.

[@MyCloudBookkeeping]

Hi Deborah, it sounds like you are accepting payment in your eCommerce store and then transferring to PayPal. You can record that transfer in QBO using accounts set up as having a USD currency, and there will be no exchange impact. When you do transfer from a USD account to a CAD account there will be an exchange rate recorded by the bank, that will determine the actual amount you receive. You can enter that rate into QBO when you record the transfer. There will be a pop up that will ask if you want that to be the rate for all transactions on that date, or only that transaction - select that transaction only. Then when you come to do your reconciliation you will have used the same rate as the bank on both ends of the transaction, and it should be a breeze. Does that answer your question? If I have misnunderstood something please let me know!

[@generemotebookkeeping6813]

I am a new bookkeeper. Is it possible to have multiple bank accounts linked to QBO in two different countries. This is great! Very interesting.

[@MyCloudBookkeeping]

Hi Eugene, I don't think it is. I think you are limited to connecting bank accounts in the same country as the software. The way to check would be to attempt to connect one! Let me know how it goes :) Thank you for reaching out!

[@farracedamian5853]

Hello, good videos. I have a question: I have clients who sometimes pay me with dollars and sometimes with other currencies. Do Quickbooks allow you to have a client with two different currencies?

[@MyCloudBookkeeping]

Unfortunately Farrace that is not possible. When I have the same client with different currencies I set up two different "customers" marking each name by the currency. This doesn't really help if the invoice is in one currency, and the payment another. If you would like to troubleshoot some alternatives book in a time with me, and we can work out what would be best in your circumstances. Thanks for watching!

[@Selflovingsoul]

How do you change the currency in a bank account you've already uploaded transactions too?

[@MyCloudBookkeeping]

Bad news - you can't. I would suggest excluding all the transactions from the bank feed. Setting up a new account with the correct currency, and uploading again. Good luck!

[@ParkerPhotographic]

I can't hear you over the music.

[@MyCloudBookkeeping]

You can mute and use the subtitles.

[@JoinAnaAndDavid]

Please lower the music..to loud...can’t hear you well 👀

[@MyCloudBookkeeping]

turn off the sound and read the subtitles - the volume can't be changed now.

[@lourdesalvarez5228]

maybe a good video but the background music is very annoying.

[@MyCloudBookkeeping]

I agree, you may notice that I do not have any on my other videos.

[@pshakd2d]

agree its hard to hear

[@MyCloudBookkeeping]

Did you see that there are subtitles? You can turn off the sound and read everything that is said.

[@rmsresearch9247]

@@MyCloudBookkeeping Hi, Thank you for such a great video. It was very helpful for me. I have a question that how is work un-deposited fund. I meant I have lots of balance in un-deposited fund. So should I make deposit all un-deposited amount in my check bank account? Thanks

[@MyCloudBookkeeping]

@@rmsresearch9247 Thank you! If you have collected funds from your customers and not yet put them in the bank, then they will be in undeposited funds. When you deposit them you need to record the bank deposit - or match from the bank feed. If your bank deposit is not correct it may be that you have recorded the sales or payments twice - a very common error! Have a look and see if that is the case. Let me know!

[@karteekk6905]

Background music is really noisy..

[@amressam6647]

I couldn't hear you well because of the loud music Thank you at all

[@MyCloudBookkeeping]

Did you try using the subtitles?

[@amressam6647]

@@MyCloudBookkeeping Yes I did thank you Great effort

[@yohannesabraham7472]

It is great video but background noice is annoying. It would have been better without it